IRS Issues Per Diem Rates 2019 for deductible business travel expenses

The Internal Revenue Service issued Notice 2019-55 which elaborates new per diem rates 2019 effective from Oct. 1, 2019. These per diem rates are used for calculation of deductible business travel expense like lodging, meals and incidental expenses. Travel expenses are among the most common business expense deductions and also most litigation prone . The […]

All About 1099s Form?

What is a 1099s form ? 1099 type forms are primarily used for collecting information about payments for various services by various organizations. The reports submitted by the payers to the U.S. Internal Revenue Service (IRS)– as well as additionally with some state tax obligation divisions. A duplicate copy of the information in the prescribed […]

9 States no income tax , 5 States with No Sales Tax!

The simplest way to save money is to pay less tax and also earn federal tax exempt income. Then, one method of saving on tax to start living in states with no income tax. But , even better is a State where you do not need to pay either income tax or sales tax. Is […]

New IRS Tax Withholding Calculator !

The Internal Revenue Service has replaced the older IRS withholding calculator with a new mobile-friendly online tool tax withholding estimator that makes it easier for everyone to have the right amount of tax withheld during the year. The new withholding estimator lets workers,retirees, self-employed individuals and other taxpayers, know the amount of income tax they […]

Form 1040-SR, U.S. Tax Return for Seniors

The Bipartisan Budget Act  signed into law by President Donald Trump in February 2018 required that the IRS publish a simple form for senior citizens. Thus came this new Form 1040-SR exclusively for senior citizens which is similar to the 1040-EZ in several ways . What is special about Form 1040-SR? The biggest specialty is that it […]